Egypt next in line to join Asian Infrastructure Investment Bank

Cairo, Egypt (nsnbc) – Egypt applied for membership in the Asian Infrastructure Investment Bank (AIIB). Last week Australia signaled that it was ready to negotiate about AIIB membership after the United States had stated that is was interested in applying for membership. Only days earlier, the US criticized the UK and others for their interest in joining the AIIB.

The Egyptian government filed a membership request with the Chinese government on Tuesday, reports The Cairo Post. So far a total of 47 nations have requested to join the AIIB which was proposed by the Chinese administration of President Xi Jinping.

The administration of Egyptian President Abdel Fatah al-Sisi reportedly also perceives the move as one further step towards strengthening Egypt’s role as regional and independent actor with a balanced and diversified economic, foreign and security policy.The bank is planned to be established on the basis of a capital of $50 billion and is besides the BRICS Development Bank the second large banking project that challenges U.S. dominated institutions such as theIMF, the World Bank and the World Bank’s regional banks.

Egypt is, among others, attempting to gain regional, especially African support for a permanent seat at the UN Security Council. As member of the Non-Aligned Movement, Egypt is strongly supports comprehensive reforms of the UN system.

The statement came after Australia earlier caved in to pressure form the United States and stressed concerns about governance.Last week Australian Treasurer Joe Hockey said that Australia was prepared to negotiate about AIIB membership.

In November 2014 Australian PM Tony Abbott said unequivocally no to an Australian participation in the AIIB project.

Australia’s AIIB bid came after both the UK and the United States stated that they aim at joining the AIIB.

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